Dread mounts as economy stalls, but insurance can help, says Liberty

Our stalling economy is bringing it home to bread-winners that their families’ prospects are totally dependent on continuing income power. But one risk to future income is even more threatening than a temporary turn in the business cycle – dread disease. Dread disease is defined as an illness or accident that creates a major health crisis and becomes a life-changing event for the survivor.

Addressing dread disease risks should be critical for families making lifestyle and income gains. But many South Africans make little provision, says Liberty Life, an insurer that is alarmed at the growing mismatch between mounting risk and continuing inertia.

Erica Stuart, of Liberty Group Advisory Services, says that because of modern lifestyles the chances of contracting a dread disease are increasing. Diseases of modern living are on the increase due to unhealthy eating, obesity, smoking, drinking and stress. Incidences in cancer, stroke and heart attack are on the rise. Advances in medical science increase the likelihood that people will survive these dread diseases, but they will also live with the financial consequences of getting a dread disease and the costs can be staggering.

The major dread diseases are cancer, heart attack and stroke. The latest South African dread disease statistics show:

• one in four people will suffer a heart attack
• there are eight heart attacks every hour
• eight out of a 100 people will suffer stroke
• 53% of stroke patients will be completely dependent on others
• one in three people will be diagnosed with cancer
• one in 11 women will be diagnosed with breast cancer
• 41 is the average age of dread disease claimants

Dread disease not only impacts earning power, it creates added costs; perhaps changes to your home, the need for expensive equipment, private nursing and child care.

Dread disease cover will provide a lump sum, payable after the first diagnosis, to meet such costs and offset lost future earnings.

Erica Stuart adds: “Most of us know someone who has been diagnosed with cancer or has had a heart attack or a stroke and yet survived. It’s becoming normal. Despite this it is by no means normal for working families to take out dread disease cover. As family responsibilities and assets grow, the need for cover becomes critical.